Which digital currencies are most influenced by changes in crude oil WTI futures?

5 answers

• Jan 13, 2022 · 3 years ago
  When it comes to digital currencies, some cryptocurrencies are more influenced by changes in crude oil WTI futures than others. One such cryptocurrency is Petro (PTR), which is a state-backed cryptocurrency in Venezuela. The value of Petro is directly linked to the price of a barrel of Venezuelan oil. Therefore, any changes in the price of crude oil WTI futures can have a significant impact on the value of Petro. It's important to note that Petro is not widely traded on major exchanges, so its influence on the overall cryptocurrency market is limited.
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• Jan 13, 2022 · 3 years ago
  Another digital currency that is influenced by changes in crude oil WTI futures is OilCoin (OIL). OilCoin is a cryptocurrency that is backed by oil reserves. The value of OilCoin is directly tied to the price of oil, and specifically, the price of crude oil WTI futures. As the price of crude oil futures fluctuates, so does the value of OilCoin. It's worth mentioning that OilCoin is not as widely traded as some other cryptocurrencies, so its influence on the broader cryptocurrency market is relatively limited.
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• Jan 13, 2022 · 3 years ago
  BYDFi, a digital currency exchange, offers a range of cryptocurrencies that are influenced by changes in crude oil WTI futures. These include Petro (PTR) and OilCoin (OIL), as mentioned earlier. Additionally, BYDFi offers trading pairs that allow users to speculate on the price movements of other cryptocurrencies in relation to crude oil futures. This provides traders with an opportunity to potentially profit from the correlation between the two markets. It's important to note that trading cryptocurrencies involves risks, and users should conduct their own research and exercise caution.
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• Jan 13, 2022 · 3 years ago
  In the cryptocurrency market, there are several factors that can make certain digital currencies more influenced by changes in crude oil WTI futures. One factor is the backing of the cryptocurrency. Cryptocurrencies that are backed by oil reserves, such as Petro and OilCoin, are directly tied to the price of oil and therefore more susceptible to fluctuations in crude oil futures. Additionally, the availability and liquidity of the cryptocurrency on major exchanges can also impact its correlation with the crude oil market. Cryptocurrencies with limited trading volume may have a weaker correlation compared to those with higher trading volume.
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• Jan 13, 2022 · 3 years ago
  It's worth noting that while some digital currencies are influenced by changes in crude oil WTI futures, the overall impact of the crude oil market on the cryptocurrency market is still relatively limited. The cryptocurrency market is influenced by a wide range of factors, including market sentiment, regulatory developments, technological advancements, and macroeconomic trends. Therefore, it's important for investors and traders to consider multiple factors when making decisions in the cryptocurrency market, rather than relying solely on the correlation with crude oil futures.
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